TD Cowen Raises DraftKings (NASDAQ:DKNG) Price Target to $55.00

DraftKings (NASDAQ:DKNG) had its price target lifted by TD Cowen from $50.00 to $55.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

DKNG has been the topic of a number of other reports. Macquarie boosted their price objective on shares of DraftKings from $50.00 to $51.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. BMO Capital Markets reaffirmed an “outperform” rating and set a $48.00 price target on shares of DraftKings in a research note on Wednesday, October 16th. Wells Fargo & Company increased their price target on shares of DraftKings from $47.00 to $52.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Truist Financial restated a “buy” rating and set a $50.00 price target on shares of DraftKings in a report on Wednesday, August 14th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of DraftKings in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.85.

DraftKings Trading Down 3.2 %

Shares of NASDAQ DKNG opened at $39.84 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.00 and a debt-to-equity ratio of 1.17. DraftKings has a 12 month low of $28.69 and a 12 month high of $49.57. The company has a market cap of $35.00 billion, a price-to-earnings ratio of -45.27 and a beta of 1.82. The business has a fifty day simple moving average of $38.35 and a 200-day simple moving average of $37.94.

DraftKings (NASDAQ:DKNG) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.42) by ($0.18). The firm had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.12 billion. DraftKings had a negative net margin of 9.06% and a negative return on equity of 41.23%. Sell-side analysts predict that DraftKings will post -0.73 EPS for the current year.

Insider Buying and Selling

In other news, insider Jason Robins sold 200,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $35.25, for a total transaction of $7,050,000.00. Following the completion of the transaction, the insider now directly owns 2,678,082 shares of the company’s stock, valued at approximately $94,402,390.50. This trade represents a 6.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Paul Liberman sold 88,441 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $36.41, for a total transaction of $3,220,136.81. Following the completion of the sale, the insider now directly owns 1,923,483 shares in the company, valued at approximately $70,034,016.03. The trade was a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,020,536 shares of company stock valued at $39,966,465 over the last three months. 51.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On DraftKings

A number of institutional investors have recently added to or reduced their stakes in DKNG. LRI Investments LLC bought a new position in shares of DraftKings during the 1st quarter worth approximately $31,000. Alta Advisers Ltd bought a new position in shares of DraftKings during the second quarter valued at $38,000. Redwood Wealth Management Group LLC acquired a new stake in shares of DraftKings in the 2nd quarter valued at $39,000. Delos Wealth Advisors LLC bought a new stake in shares of DraftKings in the 3rd quarter worth about $43,000. Finally, St. Johns Investment Management Company LLC acquired a new stake in shares of DraftKings during the 2nd quarter worth about $46,000. 37.70% of the stock is owned by institutional investors and hedge funds.

About DraftKings

DraftKings Inc operates as a digital sports entertainment and gaming company in the United States and internationally. It provides online sports betting and casino, daily fantasy sports, media, and other consumer products, as well as retails sportsbooks. The company also engages in the design and development of sports betting and casino gaming software for online and retail sportsbooks, and iGaming operators.